Fitch rates Moscow bond BBB

Fitch Ratings said it assigned the City of Moscow's upcoming RUB 15 billion domestic bond issue due Sept. 1, 2013 an expected long-term local currency BBB rating and an expected national long-term AAA(rus) rating.

The city's long-term foreign and local currency ratings are both BBB with a positive outlook, the agency said, adding that the city has a short-term foreign currency rating of F3 and a national long-term rating of AAA(rus) with a stable outlook.

The proceeds from the bond issue will be used to refinance maturing debt and fund capital expenditure, the agency said.

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